by Christian Wade
The cost of health insurance plans offered through Connecticut’s Affordable Care Act Exchange could increase next year with private insurers seeking double digit rate increases.
The Connecticut Insurance Department said it has received 10 proposed rate increase filings from health insurers for plans that will be available on and off Access Health CT, the state’s health insurance exchange.
Overall, the insurers want to increase rates by 12.4% on 2024 individual health plans in 2024, state regulators say.
But Connecticut’s elected officials and consumer watchdogs are pushing back on the plans, arguing that ratepayers can’t afford the higher costs for medical coverage.
Attorney General Willam Tong said his office is among those who plan to scrutinize the proposed rate hike proposals.
“These rates will be simply unaffordable for too many Connecticut families, individuals and businesses,” Tong said in a statement. “We are thoroughly scrutinizing these filings and expect to play an active role in this process.”
Under the proposals submitted to regulators, the proposed average individual rate request is a 12.4% increase, compared to 20.4% in 2023 and ranges from 9.8% to 17.5%, according to then commission.
The proposed average small group rate request calls for a 14.8% increase, compared to 14.8% in 2023, and ranges from 7.5 % to 23.0 %, the panel said.
Insurance Commissioner Andrew Mais pledged that the review of the rate increase will focus on ensuring a “fair and competitive insurance market while prioritizing the interests of consumers.”
“The review process will delve deeply into each submission, requiring insurers to provide justifications and supporting evidence,” he said in a statement. “As always, the rate reviews will be comprehensive, continuing our ongoing efforts to promote transparency and accountability.”
If approved, it would be the second consecutive rate increase for insurers who sell policies on the state’s health care exchange. Last year, state regulators approved rate changes ranging from a decrease of 6% on certain policies to increases of 20% and 25% on others.
Health care and consumer advocates had urged state insurance officials to reject the rate hikes.
The commission plans to hold a hearing on the proposed health insurance rate increases before the end of the 30 day public comment period, which gets underway on June 9.
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Christian Wade is a contributor to The Center Square.
Photo “Doctor and Patient” by Antoni Shkraba.
